Bids received for 300 Woolies stores

Woolworths administrator Deloitte has revealed that food, clothing and budget retailers are amongst those that have made bids for 300 of the company’s prime locations.

And despite over 500 stores still being yet to receive a firm offer, joint administrator Neville Kahn said today that he was confident Woolworths would live on in some form”.

Deloiite revealed earlier today that the retailer would be closed for good on January 5th next year.

Kahn said: In respect of Woolworths retail, we in discussions with parties who have come in as recently as this weekend.

More than 300 bids have [come from] alternative retailers looking to take the stores on in different formats. We’ve also received considerable interest for the other 500-odd stores. We expect that number to rise.”

However, of the ‘spare’ 500 stores, Kahn later admitted: We’ve been in detailed discussions with people… but we haven’t got to a position which I would say was fairly close [to a sale].”

Kahn added that Deloitte believed Woolworths would live on regardless of a buyer for the business.

He said: I’m confident Woolworths will come back onto the High Street at some point. Whether it will remain [on the High Street] into 2009, that is uncertain. But I’m confident it will reappear at some point.”

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